Nike, Inc. (NKE) Rating Reiterated by Needham & Company LLC
Nike, Inc. (NYSE:NKE)‘s stock had its “hold” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued to investors on Monday.
Several other research analysts also recently weighed in on the company. Robert W. Baird reiterated an “outperform” rating and issued a $65.00 target price on shares of Nike in a research note on Monday. Zacks Investment Research downgraded Nike from a “hold” rating to a “sell” rating in a research note on Monday. Forward View downgraded Nike from a “hold” rating to a “sell” rating in a research note on Friday. Piper Jaffray Companies downgraded Nike from a “neutral” rating to an “underweight” rating in a research note on Wednesday, September 20th. Finally, Raymond James Financial, Inc. lowered their target price on Nike from $71.00 to $67.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 19th. Six investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $60.04.
Nike (NYSE:NKE) last announced its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.10. Nike had a return on equity of 34.18% and a net margin of 12.34%. The company had revenue of $8.68 billion for the quarter, compared to the consensus estimate of $8.63 billion. During the same period last year, the business posted $0.49 EPS. The company’s revenue was up 5.3% on a year-over-year basis.
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In other Nike news, Director Johnathan A. Rodgers sold 16,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $53.45, for a total transaction of $855,200.00. Following the transaction, the director now owns 25,660 shares in the company, valued at $1,371,527. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Trevor A. Edwards sold 200,000 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $57.63, for a total value of $11,526,000.00. Following the transaction, the insider now owns 729,610 shares in the company, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 508,360 shares of company stock valued at $29,340,374. 3.90% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Scotland Group PLC lifted its stake in shares of Nike by 6.2% during the first quarter. Royal Bank of Scotland Group PLC now owns 207,834 shares of the footwear maker’s stock worth $11,582,000 after purchasing an additional 12,201 shares in the last quarter. North Star Asset Management Inc. lifted its stake in shares of Nike by 7.8% during the first quarter. North Star Asset Management Inc. now owns 56,732 shares of the footwear maker’s stock worth $3,162,000 after purchasing an additional 4,129 shares in the last quarter. Hartford Investment Management Co. lifted its stake in shares of Nike by 5.5% during the second quarter. Hartford Investment Management Co. now owns 360,722 shares of the footwear maker’s stock worth $21,283,000 after purchasing an additional 18,759 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Nike by 3.7% during the first quarter. Fifth Third Bancorp now owns 1,120,494 shares of the footwear maker’s stock worth $62,445,000 after purchasing an additional 39,554 shares in the last quarter. Finally, Summit Global Investments acquired a new position in shares of Nike during the first quarter worth about $508,000. Institutional investors own 62.63% of the company’s stock.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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